Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
ITAT held that where amounts received by an assessee firm are duly recorded in its books and partners affirm introduction of capital, an addition under s. 68 cannot be sustained against the firm; any doubt as to the creditworthiness or genuineness of the source must be investigated qua the individual partner who introduced the funds rather than against the firm. The tribunal concluded that treating partners' capital deployed for land acquisition as unexplained investment vis-Ã -vis the firm was impermissible. Accordingly, the assessing officer's addition was annulled, the appellate authority's contrary finding was set aside, and the firm's corresponding grounds were allowed.
ITAT held that where amounts received by an assessee firm are duly recorded in its books and partners affirm introduction of capital, an addition under s. 68 cannot be sustained against the firm; any doubt as to the creditworthiness or genuineness of the source must be investigated qua the individual partner who introduced the funds rather than against the firm. The tribunal concluded that treating partners' capital deployed for land acquisition as unexplained investment vis-Ã -vis the firm was impermissible. Accordingly, the assessing officer's addition was annulled, the appellate authority's contrary finding was set aside, and the firm's corresponding grounds were allowed.
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